First Cobalt goes ahead with refinery expansion plan

First Cobalt (TSXV: FCC) is moving directly into an expansion scenario for its permitted cobalt refinery in Ontario after conducting a detailed engineering study on the facility. The company said on July 22 that this plan could save millions of dollars by lowering operating costs through pilot plant work at third party facilities. Financing discussions for the project are now entering the next phase, with proposals under review with financial advisor CIBC. In May, First Cobalt released an engineering study for an expansion of the refinery from a 12 tonne-per-day operation to a 55 tonne-per-day facility, transforming the facility into “a globally competitive refiner of cobalt for the North American and European electric vehicle (EV) markets.”